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Tower Capital Arranges $29.5 Million Non-Recourse Loan For Townhome Development In Melissa Texas
FINANCED
$29,500,000
+ 1
Texas
See Similar DealsDevelopment Site
Financed 01/21/2025
FINANCED
Tower Capital Arranges $29.5 Million Non-Recourse Loan For Townhome Development In Melissa Texas
Development Site
Financed 01/21/2025
+ 1
Summary
Asset Type:Development Site
Transaction Type:Loan
The property involved is a development site located on Sam Rayburn Hwy in Melissa, Texas, encompassing 15.5 acres. The site is designated for a 118-unit build-to-rent townhome community, with homes averaging 1,655 square feet. The planned amenities for the development include a pool, clubhouse, fitness center, and pickleball courts.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $29,500,000
- Loan Type: Construction
- Loan Terms: Non-recourse
- Brokers: David Stull, George Maravilla, Kyle McDonough & Noah Schott - Tower Capital
Tower Capital arranged the financing for this project, which will facilitate the construction of the townhome community in Melissa. The development aims to provide a diverse living option with appealing amenities in the area.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$29,500,000.00
Monthly NOI$196,666.67
Monthly Debt Service$186,460.07
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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